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For Immediate Release:
Friday, October 13, 2006
| Contacts:
Sarah Morgan
(202) 226-0471
Peggy Peterson
(202) 226-0471
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President Bush Signs
Regulatory Relief Bill
Today, the President signed the Financial Services Regulatory Relief Act of 2006, bipartisan legislation that originated in the House five years ago that would reduce the excessive regulatory burden on America’s insured financial institutions in order to benefit consumers and the economy.
S. 2856, which is based in large part on H.R. 3505, was introduced by Senator Mike Crapo (ID) on May 18, 2006. The bill passed the House on September 27 under suspension of the rules by a unanimous vote of 417-0, and was approved by unanimous consent in the Senate on September 30.
Rep. Jeb Hensarling (TX), who introduced H.R. 3505 last year, said, “Our financial institutions are in desperate need of regulatory relief. There are far too many redundant and costly regulations that make credit more expensive and less accessible. Thoughtful regulatory relief improves the vitality of our capital markets and helps more Americans realize their dreams of homeownership, higher education or owning their own small business.”
The House passed H.R. 3505 on March 8 by a vote of 415-2. During the last Congress, the House passed an earlier version of the measure, H.R. 1375, on March 18, 2004 by a vote of 392-25.
Financial Institutions and Consumer Credit Subcommittee Chairman Spencer Bachus (AL) said, “This legislation will allow banks, thrifts, and credit unions to devote more resources to the business of lending to consumers and less to navigating the bureaucratic maze of outdated and unneeded regulations. The enactment of the regulatory relief bill is welcome news.”
Since the 108th Congress, the House Financial Services Committee has held a total of 10 hearings with 66 witnesses on the subject of regulatory relief. Additionally, since 2002, there have been six markups held by the Committee at which regulatory relief bills received overwhelming support.
House Financial Services Committee Chairman Michael G. Oxley (OH) said, “This Committee and the Congress have placed a tremendous amount of responsibility into the hands of the private sector in order to stop terrorists. The financial services industry bears the brunt of that burden in title III of the USA PATRIOT ACT. For that reason and many others, regulatory relief has been a top priority for me since I assumed the Chairmanship of this, then newly formed, Committee in 2001. I am proud that we have been able to see this legislation to completion and I thank my colleagues, Ranking Member Barney Frank, Subcommittee Chairman Spencer Bachus, and Reps. Capito, Hensarling, and Moore for their diligence on this issue. The money that will be saved by doing away with outdated, unneeded regulations will instead be lent to consumers and industry for new homes, new cars, and new projects which fuel job growth in local communities and in turn drive our economy.”
To view the legislation click here.
To view a section-by-section of the legislation click here.
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| | |  | House Committee on Financial Services
2129 Rayburn H.O.B. | Washington, D.C. 20515 | (202) 225-7502 |  |
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